Problema Solution
What is the balance after 1 year of an account containing $1200 which earns a yearly nominal interest of 4% that is compounded weekly?
Answer provided by our tutors
A = P (1+r/n)^nt
A = 1,200 ( 1 + 0.04/52) ^ 52(1)
A = 1248.95
The total balance after 1 year is $1,248.95